A brand-new fintech business which I was presented to previously this year. Visa Currensea Card…
It has actually won a couple of awards over current months for what it does (offering you a low-priced method to invest abroad) but what I like about is that it is basic as hell. This is a good thing.
is, effectively, a direct debit travel card. You just invest as you would on a typical debit card and the cash is taken from your existing account– simply without the typical 3% fee.
Oh, and is complimentary to obtain, which also helps.
There are likewise some intriguing travel advantages if you select a paid plan, but the complimentary strategy works fine. You can apply here.
There is an organization design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and totally free or less expensive than the competition
include increasingly more functions which your existing customers don’t really desire or require
include charges, restrictions or charges to the feature that made people get your product in the first place, removing any competitive advantage
is presently still in Stage 1 of this process and will hopefully remain there. Curve, Revolut and Monzo are currently in Stage 3 …
is easy enough that it passes my ‘Can you explain it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Visa Currensea Card
It is a free direct debit card to utilize abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
You do not (yet …) earn any airline miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% forex fees, then you don’t require a card, unless you want complimentary ATM withdrawals. You can stop checking out now.
Nevertheless, charge card which use benefits and charge 0% FX costs are rare. The only ‘miles and points’ alternatives which use a partial option are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS possibly for you if:
you do not have a charge card offering 0% FX costs and do not wish to affect your credit report by getting another credit card specifically to utilize abroad
you desire a product which allows you to make , 500 of foreign currency ATM withdrawals monthly with no fees and only a very little FX mark-up (there is a little cost beyond , 500).
you desire a product for you, your adult children, moms and dads, partner or anyone else in your life who needs a basic, easy to understand payment card that will save them money when taking a trip.
How does work in practice?
It is, as I said earlier, an extremely easy process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, internationally).
Your bank account bank instantly verifies that you have sufficient cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the complimentary card, adds a 0.5% fee. There are no charges if you have one of their paid cards.
You get an automated invest notification through the app, if you pick to install it.
The cash is taken from your bank account a few days later.
Here is an example. Without any foreign travel in the diary, I chose to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 scheduled to leave my HSBC account a few days later on:.
But transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is almost to occur (typically in a different language) while not telling you about the expensive currency conversion charges occurring in the background. Do not get me began. Anyhow back to the positives for a bit anyway.
In recent years a handful of excellent travel debit cards have actually popped onto the scene … and like other fantastic cards Currensea guarantees huge savings (85%) and an excellent app.
I think the best bit may be what no other card does: links to your existing high street bank account.
What this indicates is you can invest cash you have in your existing current account with less fret about running out of cash and the additional step. That does not suggest it is ideal.
In this Currensea review is the great, the bad, the unsightly and the alternatives, so that you can choose.
While our premium plans have no FX markup, we charge a small FX markup on our Vital Strategy of 0.5% per deal, allowing us to make revenue from our Important Plan whilst staying much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary amount on all our strategies, complete information can be discovered on our rates strategies.
We charge an annual subscription cost of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription fee likewise gets rid of all FX markup on transactions.
Whenever you spend with your card we get a small % of the deal, known as interchange, this comes straight from the merchant and won’t be charged to you. Visa Currensea Card